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Letter to the Editor

Keystone Automotive Industries Net Sales Up Record 9% in Q2

Net sales for the quarter increased 9.2 percent to $127.4 million from $116.7 million a year ago. Net income for the same period was $2.4 million, or $0.15 per diluted share, compared with $2.7 million, or $0.18 per diluted share, last year.

Net sales for the six-month period increased 14.4 percent to $268.5 million from $234.8 million a year ago. Net income for the same period was $6.4 million, or $0.41 per diluted share, compared with $6.9 million, or $0.45 per diluted share, a year earlier.

Same store sales for the second quarter and the six-month period increased 6.3 percent and 6.0 percent, respectively, compared with the same period a year ago, and have been adjusted for the six-month period in the current fiscal year to reflect an additional week.

``Record sales for the second quarter and first half of fiscal 2005 reflected internal growth of over 6.0 percent and exhibited continued strength across all of the company's main product groups, excluding paint and related materials which decreased slightly in the second quarter. While we are disappointed in the continuing escalation of expenses as a percentage of sales, we are in the process of transforming the company to support future growth opportunities and to enable us to better control expenses in the future. To support this goal, the company has completed a search for a vice president of supply chain management and the executive will join the company this month,'' said Richard L. Keister, president and chief executive officer.

Keister added that operations in Florida, Louisiana and Alabama were impacted by the effects of recent Hurricanes, with an estimated loss of revenues of $600,000 to $700,000. He said the company anticipates the repair of vehicles in this region of the country will have a positive impact on Keystone's business in the third quarter of this fiscal year.

Notwithstanding the recent suspension of the sale of certain lighting products by the company and a few insurance companies, Keister said, ``The company's sales of headlamps have been trending upward with no impact from the suspensions so far.''

Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 126 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada.

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